E-wallet limit doubled to Rs 20,000

No service charge will now be levied for use of debit cards till December 31, 2016

GN Bureau | November 23, 2016


#RBI   #scrapped currency   #E-wallet   #Demonetisation   #debit cards  


 The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts. The relaxation will be applicable until December 30, the RBI said.

 Department of economic affairs secretary Shaktikanta Das told the media that the government decided that no service charge will now be levied for use of debit cards till December 31, 2016 and that the move is meant to ensure greater penetration of digital transaction. These steps have been taken in order to ease the pain of the common man.
 
 Prime minister Narendra Modi had on November 8 announced the government’s decision to demonetise Rs 500 and Rs 1,000 currency notes. 
Das had on Sunday clarified traders who are registered with the Agricultural Produce Market Committee were allowed to withdraw up to Rs 50,000 per week for a smooth procurement process.
 
But the amount of money that an individual can exchange by handing over the old Rs 500 and Rs 1,000 notes in banks has been lowered to Rs 2,000 since last Friday.
 

Comments

 

Other News

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Vasudhaiva Kutumbakam: How to connect businesses with people

7 Chakras of Management: Wisdom from Indic Scriptures By Ashutosh Garg Rupa Publications, 282 pages, Rs 595

ECI walks extra mile to reach out to elderly, PwD voters

In a path-breaking initiative, the Election Commission of India (ECI), for the first time in a Lok Sabha Election, has provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. Voters above 85 years of age and Persons with Disabilities (PwDs) with 4

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter